Posted at 26 March 2021 / Categories Market Roundups
Market Roundup:
•Irish Consumer Confidence 77.1, 77.1 previous
•UK Feb Retail Sales (MoM) 2.1%,2.1% forecast, -8.2% previous
•UK Feb Core Retail Sales (YoY) -1.1%, -1.5% forecast, -3.8% previous
•Spanish GDP (QoQ) (Q4) 0.0%,0.4% forecast, 16.4% previous
•Sweden Feb Retail Sales (MoM) 0.7% forecast, 3.4% previous
•Sweden Feb Retail Sales (YoY) 4.6% forecast, 3.1% previous
•Italian Mar Business Confidence 101.2 ,99.4 forecast, 99.0 previous
•Italian Mar Consumer Confidence 100.9, 100.7 forecast, 101.4 previous
•German Mar Current Assessment 93.0, 91.3 forecast, 90.6 previous
•German Mar Business Expectations 100.4, 95.0 forecast, 94.2 previous
Looking Ahead - Economic Data (GMT)
•12:30 US Feb Retail Inventories Ex Auto -0.1% previous
•12:30 US Wholesale Inventories (MoM) 1.3% previous
•12:30 US Feb Goods Trade Balance -84.58B previous
•12:30 Brazil Feb Current Account (USD) -2.40B forecast, -7.25B previous
•12:30 US Feb Real Personal Consumption (MoM) 2.0% previous
•13:30 US Feb PCE Price index (YoY) 1.5 previous
•13:30 US Feb Personal Spending (MoM) -0.7% forecast, 2.4% previous
•13:30 US Feb Core PCE Price Index (MoM) 0.1% forecast, 0.3% previous
•13:30 US Feb PCE price index (MoM) 0.3% previous
•13:30 US Feb Core PCE Price Index (YoY) 1.5% forecast, 1.5% previous
•13:30 US Feb Personal Income (MoM) -7.3% forecast, 10.0% previous
•13:30 US March Michigan Consumer Sentiment 83.6 forecast, 83.0 previous
•14:00 US March Michigan Consumer Expectations 77.5 previous
•14:00 US March Michigan Current Conditions 91.5 previous
•14:00 US March Michigan Inflation Expectations 3.1% previous
•14:00 US March Michigan 5-Year Inflation Expectations 2.70% previous
•14:00 US Jan Budget Balance (YoY) -248.17B previous
•14:00 US Jan Budget Balance -16.15B previous
•16:00 US Feb Dallas Fed PCE 1.90% previous
•19:00 US Federal Budget Balance -311.0B previous
•19:00 US Federal Budget -430.0B previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro recovered from losses against dollar on Friday after Germany's Ifo survey data showed an improvement in business morale. German business morale hit its highest level in almost two years in March as rising demand for manufactured goods kept factories in Europe’s largest economy humming through rising coronavirus infections and lockdown restrictions, a survey showed on Friday.The Ifo institute said its business climate index shot up to 96.6, the highest reading since June 2019, from an upwardly revised 92.7 in February.The euro was up 0.10% against the dollar at $1.1902.Immediate resistance can be seen at 1.1825 (5DMA), an upside break can trigger rise towards 1.1879(38.2%fib).On the downside, immediate support is seen at 1.1753 (23.6%fib), a break below could take the pair towards 1.1700 (Psychological level).
GBP/USD: The pound strengthened against the dollar on Friday, even after European leaders stepped up warnings about limiting vaccine exports, as market participants were generally upbeat about Britain’s vaccine rollout and economic outlook.After a meeting of European leaders on Thursday, EU commission chief Ursula von der Leyen said that AstraZeneca cannot export any more COVID-19 vaccines from Europe until it fulfils its contracts with the EU. Brussels and London sought to cool tension on Wednesday, declaring they were working “to create a win-win situation and expand vaccine supply for all our citizens. Immediate resistance can be seen at 1.3764 (5DMA), an upside break can trigger rise towards 1.3814 (38.2%fib).On the downside, .immediate support is seen at 1.3717 (23.6%fib), a break below could take the pair towards 1.3668(25th March Low).
USD/CHF: The dollar strengthened against the Swiss franc on Friday as greenback was buoyed by hopes over improving U.S. economic data and the availability of coronavirus vaccines. U.S. jobless claims fell to a one-year low last week and President Joe Biden said he will double his vaccination plan after reaching his previous goal of 100 million shots 42 days ahead of schedule, both of which support optimism in the dollar.Data on U.S. personal consumption due later on Friday was also on traders' radars. The greenback traded at 0.9396 Swiss franc, holding onto a 0.5% gain from the previous session. Immediate resistance can be seen at 0.9423 (23.6%fib), an upside break can trigger rise towards 0.9500 (Psychological level).On the downside, immediate support is seen at 0.9379(Daily low), a break below could take the pair towards 0.9349(38.2%fib).
USD/JPY: The dollar rose against the Japanese yen on Friday as dollar was supported by a wave of optimism due to improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields. U.S. jobless claims fell to a one-year low last week and President Joe Biden said he will double his vaccination rollout plan after reaching his previous goal of 100 million shots 42 days ahead of schedule, both of which support optimism in the dollar. dollar index against a basket of six major currencies stood at 92.788, close to a four-month high.Traders will look to data on U.S. personal consumption due later on Friday for further hints about the strength of the U.S. economy. Strong resistance can be seen at 109.88 (23.6%fib), an upside break can trigger rise towards 110.00 (Psychological level ).On the downside, immediate support is seen at 108.99(Daily low), a break below could take the pair towards 108.67 (5DMA).
Equities Recap
European stocks rose on Friday, helped by gains in commodity-linked companies as investors balanced worries about surging coronavirus cases with the prospect of a strong U.S. economic recovery.
At (GMT 12:00),UK's benchmark FTSE 100 was last trading up at 0.68 percent, Germany's Dax was up by 0.85 percent, France’s CAC finished was up by 0.45percent.
Commodities Recap
Gold edged higher on Friday as concerns over surging coronavirus cases in Europe and a pullback in the dollar offset pressure from rising U.S. Treasury yields, although bullion was still on track for its first weekly decline in three.
Spot gold was up 0.1% at $1,728.08 per ounce by 1018 GMT. Bullion is down nearly 1% so far this week. U.S. gold futures were up 0.2% at $1,727.90 per ounce.
Oil prices were up about 2% on Friday, rebounding on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Brent crude rose $1.18, or 1.9%, to $63.13 a barrel by 1122 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up$1.25, or 2.1%, at $59.81 a barrel, having tumbled 4.3% a day earlier.